QBO fixed asset depreciation setup

There are several reasons why the figures can differ between QuickBooks Online (QBO) and your Excel file. I'll share further details on this matter, Ashley.

Please ensure you have the same depreciation method in QBO and your spreadsheet, as there are several ways, including straight-line, double-declining balance, and accelerated depreciation. Each of them calculates depreciation differently.

Additionally, some depreciation methods consider the asset's estimated value at the end of its useful life (salvage value). If you included this in your Excel calculation, ensure it's also entered in the program.

As the system doesn't automatically depreciate fixed assets, you'll have to track depreciation using journal entries. I recommend consulting your accountant for guidance on accurate recordkeeping. If you don't have one, you can find a professional on this page: QuickBooks Certified ProAdvisor.

For your guidance when configuring and managing asset and depreciation accounts, check out these references:

• Set up an asset account in QuickBooks Online
• Depreciate assets in QuickBooks Online
• Add and manage fixed assets in QuickBooks Online Advanced

You can also run reports to track your finances and then customize them to personalize the data based on the data you want to see.

I'm always around and ready to help you if you need further assistance managing your business accounts within the program. You can add your queries by leaving a comment below.

To Admin, I figured out how to set it up correctly. Please close the topic since teh answer was unrelated to my question, which would mislead people to spin their wheels. Thank you!